Interest rates on Santander savings accounts vary from .10 percent to 3 percent as of October 2015, depending on the type of account chosen, according to Santander. The Instant Saver account pays a low .10 percent annually, but it only requires a £1 deposit to start an account. The highest rates are paid on Junior individual savings accounts for 1-2-3 World or Santander Select customers and on 1-2-3 mini accounts held in trust for children.
The only other Santander savings account that pays more than 2 percent in interest is the Junior ISA, which pays 2.5 percent tax-free annually, as Santander details. Other Santander savings accounts that pay more than 1 percent in interest include the two-year fixed rate individual savings account for 1-2-3 World or Santander Select customers, which pays 1.35 percent interest; the two-year fixed rate individual savings account, which pays 1.1 percent; and the two-year fixed rate bond for 1-2-3 World or Santander Select customers, which pays 1.25 percent interest.
Many of these accounts require an initial minimum deposit of £500, per the Santander website. The Direct individual savings account and the one-year fixed rate bond for 1-2-3 World or Santander Select customers, as well as the two-year fixed rate bond all pay 1 percent interest. These accounts also require a minimum initial deposit of £500 and pay interest either monthly or annually.